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Updated almost 6 years ago,

User Stats

42
Posts
7
Votes
Jayne Overbeck
  • Real Estate Agent
  • Lowell, MI
7
Votes |
42
Posts

Getting a Line of Credit for an Auction

Jayne Overbeck
  • Real Estate Agent
  • Lowell, MI
Posted

Hi, I have an investor that will finance my properties but once in a while there is a property I might want to buy at an Auction.  The problem is, I won't know until two days before the auction because most of the houses don't actually end up going to sale.    If one does go to auction and I have the winning bid, you have to pay immediately.   My investor likes to get a full title commitment and I can only supply him with prelim title- I can't use the heloc because I already used it, (haha).  I checked into lines of credit which I can get, but most of them only give about $25,000 and I need around $100K.  I checked out a few online but I looked up their reviews and they don't look legit.  Any suggestions?

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